Liz DeAmbrose, Coldwell Banker 813-956-6487 or homenet@gte.net

December 2012 New Tampa Home Sales

ARBOR GREENE:  10 homes sold,   17927 Arbor Haven Drive had the highest price at $502,000 for 4062 square feet, it was on the market for 25 days.

COUNTRY WALK:  3 homes sold,  30434 Pecan Valley Loop highest price at $210,000 for 2623 square feet, 93 days to close.

CORY LAKE:  1 sale only, 18022 Maui Isle for $250,000, 2900 square feet.

CROSS CREEK:  4 sales, 18437 Eastwyck Drive sold for $286,500, 3029 square feet.

EASTON PARK:  6 sales all new homes, 10703 Breaking Rocks Drive sold for $324,990.00, 3436 square feet.

GRAND HAMPTONS:  10 sales, the best was at 8360 Old Town for $340,000, 3336 square feet.

HERITAGE ISLES:  4 sales, all short sales, 18105 Emerald Bay sold for $275,000, 3611 square feet.

HUNTERS GREEN:  6 sales, the best was 17825 Green Willow for $315,000, 2658 square feet.

LIVE OAK PRESERVE:  7 sales, highest sale on 9675 Orange Jasmine $292,930., 3210 square feet.  Live Oak is selling mostly new homes.

MEADOW POINTE:  always has the most sales in New Tampa, this month there were 20. The WORST was a town home located at 1339 Lyonshire Drive. It sold for $35,000 with 1191 square feet.

PEBBLE CREEK:  no sales

SEVEN OAKS:  11 sales, 27233 Laurel Chase Lane sold for $320,000, 3375 square feet.

RICHMOND PLACE:   2 bank owned condos

TAMPA PALMS:  8 sales, 16425 Burniston Drive/Whitehall sold for $660,000., 3849 square feet.

WEST MEADOWS:  5 sales, 8403 Pine Thrust Way sold for $349,000, 3803 square feet.

CRAZY LOW INTEREST RATES

YES, INTEREST RATES ARE CRAZY LOW, currently a 30 year fixed rate interest loan for well qualified buyers is 3.89%.  Well qualified means a credit score of at least 720. This is below the previous low of 3.91%. The average 15 year fixed mortgage is 3.16. Mortgage interest rates track the 10 year bond. Ten year bond yields are below 2%.  Many economists feel the federal government will print/buy bonds again this summer. This will push the yield down again and that in turn will push down interest rates.

BUYERS AND SELLERS AREN’T ON THE SAME PAGE

Buyers and sellers are at odds about home prices and where the market is going. Many analyst believe the market will begin t o stabilize this year where others believe it’s two years away.  Buyers are feeling that this is a good time to buy, rates are at there lowest in history and prices are roughly 50% off the top. The prices currently in our area have been rolled all the way back to 2001. Sellers sentiment is still falling and is at is lowest record ever. The prices a seller wants has to be adjusted to current market condition. If you are buying and selling within Florida it all equals out. You sell for less but the next property costs you less to buy. Currently 20% of homeowners are underwater and their homes should not be on the market. Buyers won’t pay you more just because you owe more.  If you need to move look into renting your home. The rental market is strong and many families have decided renting makes sense for them.

Need to sell or rent please give me a call.  Liz (cell)  956-6487  at Coldwell Banker

TAMPA HOME PRICES FALL

Case-Schiller reported today that Tampa’s home prices fell 6.7% year over year. Atlanta, San Francisco and Tampa posted the biggest monthly price declines. Prices in Atlanta, Las Vegas and Phoenix fell to there lowest levels since the housing crisis began four year ago.  Interest rates have hit a 60 year low at just under 4%.  We have reached the point in Tampa where it is cheaper to buy then rent. Foreclosures and short sales are selling for 20% less than non-distressed homes.

All areas are not created equal. Neighborhoods that are desirable and have little turn over have stabilized out for the time being. Areas where there was heavy construction during the boom years are the hardest hit. Some of those subdivisions in New Tampa are making a turn around. Live Oak has had the most sales in New Tampa for 4 months. Several builders have bought the existing vacant lots and are building on them at a record pace.  On the other hand County Walk  just south of 54 and next to Meadow Pointe has not had builders coming to it’s rescue. The economy will have to turn around more for builders to go further out. With Wiregrass Mall at hit, the hospital opening, Raymond James coming etc. it is only a matter of time before Country Walk to become popular.

THE LOST DECADE IN HOUSINGS

Not only has it been a lost decade on Wall Street but it’s been a lost decade on Main Street.  Housing prices have been rolled back to 2001. Even if you bought your home at a bargain price during this period it’s no bargain now. Homes within the area have fallen 9.2 percent from last October.  Fifty seven percent of homeowners in the Tampa area are underwater on their mortgages, nationally it’s only 29%. New Tampa is a micro market which has been impacted by large areas of development. A homeowner in Tampa Palms is effected by sales in Arbor Greene. If a home is significantly cheaper in Arbor Greene buyers will gravitate to that home even if the location is not as convenient. Forty eight percent of all the homes sold in October sold for a loss.

FORECLOSURES ARE HITTING THE MARKET AGAIN

Florida had a huge increase in foreclosures  with 28% followed by Pennsylvania and Indiana with 61%. Overall foreclosure notices were up 10% over  September and hit a 7 month high. Banks are moving past their problems of robo signing etc. and tackling the huge backlog of delinquent loans. Credit reporting services said just under 6% of mortgage holders were at least 60 days past due.

All real estate professionals agree the huge back log of foreclosures has to be cleared before housing can stabilize. This back log will take time in Florida. All foreclosures have to go through the already burdened court system.  The longer this takes the more people are forced into this situation due to divorce, job transfer, etc. In a normal market these life changing events would be less of a problem. But when housing continues to fall which it has in Tampa every year, a sellers equity soon disappears.

Many of the homes that are sold by the bank are being cleaned, painted and new flooring put into them. Banks are trying to get more money and faster sales for it’s inventory.  Want more information on bank inventory just email me and we will send you foreclosures when they hit the market.

Liz DeAmbrose, Coldwell Banker, homenet@gte.net, or 813-956-6487

Harp won’t help most of us

Wells Fargo came out this week and said what many think, HARP isn’t going to help most homeowners. The millions of vacant or foreclosed homes need to be sold.  Harp doesn’t help homeowners who are behind on their mortgages. You have to be current and if you jump through hoops they still won’t reduce the principal on the loan. They reduce your interest rates and roll the hefty refinance fees into your mortgage.

Time alone is going to solve the housing mess.  Florida foreclosures have to go through the court system and this takes a lot of time.  It can takes years for the bank to even get around to the foreclosure process.  Banks need to make the short sale process fast and avoid the court system all together.

SELLING YOUR HOME DURING THE HOLIDAYS IS A GOOD IDEA

SELLING during the holidays can make you more money. First it gives you as much as a two-month head start on your competition because the market will dramatically increase during January and February. During the holidays the number of homes on the market is at it’s lowest because many sellers have taken their homes off during the season. People who look over the holidays are serious buyers spending valuable family time to look at your home. The holidays are an emotional time and buyers tend to spend more money whether on gifts or homes. After the holidays the bills start coming in and the willingness to spend is decreased.

When decorting for the holiday choose a color scheme and style that best fits your home. Keep that same style and color palette throughout the house. The main rule of decorating during the holiday is less is more. Continually repeat themes or decorating elements in moderation. Not every room needs to be decorated, focus on the entrance walk, front door and main living space. The color scheme and elements on the outside should match the inside. You want your home to look elegant but feel warm. Natural greens, silver and gold ornaments, lit scented candles and soft music set the tone. Buyers feel at home and not overwhelmed by too many decorations, colors and scents.

Your’re selling and every penny counts, so Keep your costs down. Look in your own back yard or neighborhood for pinecones to spray siler and gold. Don’t use artificial greens; take cuttings from holly, pine, bushes or spruce trees. Scale down the size of your Christmas tree as well as all other decorations because we want to make sure the house still appears uncluttered and spacious.

Finally hire an agent with experience in all market conditions. Call Liz at 956-6487 or email at homenet@gte.net

Revamping the Harp Program

The government has again stepped in to try to help homeowners with mortgages underwater. But the program never has met the needs of these homeowners. Who is eligible for the refinancing program;  you must be current on your mortgage for the last six months and your mortgage must be backed by Fannie Mae or Freddy Mac.  Your lender can tell you if Fannie or Freddy back your loan or you can go to freddiemac.com/mymortgage  or

Fannies’s is at fanniemae.com/loanlookup.mortgages.  The loan had to be sold to Fannie or Freddie prior to June 2009.

If you qualify you have the next 18 months to refinance to a lower interest rate. It doesn’t matter how far under water you are to quality. There will be closing costs to pay and there will be no principal reduction on the loan. So same mortgage amount just a lower interest rate. This will reduce your monthly payments but you are still in a home that is worth less than what it’s worth.

For more information please call Liz at 813-956-6487

OPEN HOUSE PROBLEM

I have open houses several times a month throughout  New Tampa but now there is a new twist to deal with.  Thieves target seller’s medicine cabinets looking for prescription drugs.  When potential buyers are going through homes it isn’t unusual to open cabinets and drawers. When thieves go through they also casually open cabinets and drawers but they are looking for prescription drugs. Sellers leave them in bathroom and kitchen cabinets or worse counter tops. Easy for thieves to just put in their pockets.  As a home seller you need to properly dispose of unused medications and conceal current prescriptions.